06 May Different Types of Loans
In this article we will show the difference between popular loan services. We hope this information will help you make correct choice. Let’s begin.
- Personal Loans
- loan for individuals, minimum papers needed, fast approval, automatic redemption.
- Title Loans
- a loan where a collateral is required (no physical transfer is not needed). The credit rating of the applicant is not considered. Loans can be approved very quickly.
- Payday Loans
- small short-term unsecured loan.
- Home Equity Loan
- the type of loan in which the borrower uses his home as collateral. The loan is often used to finance large expenses, such as house repairs, medical bills, or higher education.
- Refund Anticipation Loan
- short-term consumer loans. The loan term is usually from two to three weeks.
- Pawnbroker Loans
- loans secured by personal property.
- Auto Loans
- loans secured by vehicle.
- Mortgage Loans
- loans secured by real estate.
- Signature Loans
- the type of personal loan offered by banks and other financial companies which only use the borrower’s signature as a guarantee of debt repayment. The lender just looks at the credit history and the availability of a source of income when deciding to give a loan.
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